What does the price cap changes mean for your energy bill?

Some good news and some not so good news. Let's start with the good news - the energy price cap is going down! From April, the average household energy price cap will be £3,280 per year, which is a £999 decrease from the current figure.

Now for the not so good news - your energy bill may still increase. The government is increasing the Energy Price Guarantee up to £3,000 for the average household from April, which means your energy bills could go up by around 20%. However, this £3,000 figure is just for a typical household and may vary based on your energy usage.

It's also important to note that the government will no longer provide universal support for everyone's energy bills. However, from April, targeted support will be introduced for 8 million of the lowest income households, 8 million pensioners, and 6 million people in receipt of non-means tested disability benefits.

Lastly, there's some good news on the horizon - experts predict that global energy prices will continue to fall, which could mean cheaper prices for households later this year.